The Heads of State and Government of France, the Federal
Republic
of Germany, Italy, Japan, the United Kingdom of Great Britain
and Northern Ireland, and the United States of America met in
the Château de Rambouillet from 15th to 17th November 1975,
and agreed to declare as follows:

In these three days we held a searching and productive
exchange
of views on the world economic situation, on economic problems
common to our countries, on their human, social and political
implications, and on plans for resolving them.

We came together because of shared beliefs and shared
responsibilities.
We are each responsible for the government of an open,
democratic
society, dedicated to individual liberty and social advancement.
Our success will strengthen, indeed is essential to, democratic
societies everywhere. We are each responsible for assuring the
prosperity of a major industrial economy. The growth and
stability
of our economies will help the entire industrial world and
developing
countries to prosper.

To assure in a world of growing interdependence the success
of the objectives set out in this declaration, we intend to play
our own full part and strengthen our efforts for closer
international
cooperation and constructive dialogue among all countries,
transcending
differences in stages of economic development, degrees of
resource
endowment and political and social systems.

The industrial democracies are determined to overcome high
unemployment, continuing inflation and serious energy problems.
The purpose of our meeting was to review our progress, identify
more clearly the problems that we must overcome in the future,
and to set a course that we will follow in the period ahead.

The most urgent task is to assure the recovery of our
economies
and to reduce the waste of human resources involved in
unemployment.
In consolidating the recovery, it is essential to avoid
unleashing
additional inflationary forces which would threaten its success.
The objective must be growth that is steady and lasting. In
this way, consumer and business confidence will be restored.

We are confident that our present policies are compatible
and complementary and that recovery is under way. Nevertheless,
we recognize the need for vigilance and adaptability in our
policies.
We will not allow the recovery to falter. We will not accept
another outburst of inflation.

We also concentrated on the need for new efforts in the
areas
of world trade, monetary matters and raw materials, including
energy.

As domestic recovery and economic expansion proceed, we must
seek to restore growth in the volume of world trade. Growth and
price stability will be fostered by maintenance of an open
trading
system. In a period where pressures are developing for a return
to protectionism, it is essential for the main trading nations
to confirm their commitment to the principles of the OECD
[Organisation
for Economic Co-operation and Development] pledge and to avoid
resorting to measures by which they could try to solve their
problems
at the expense of others, with damaging consequences in the
economic,
social and political fields. There is a responsibility on all
countries, especially those with strong balance-of-payments
positions
and on those with current deficits, to pursue policies which will
permit the expansion of world trade to their mutual advantage.

We believe that the multilateral trade negotiations should
be accelerated. In accordance with the principles agreed to in
the Tokyo Declaration, they should aim at achieving substantial
tariff cuts, even eliminating tariffs in some areas, at
significantly
expanding agricultural trade and at reducing non-tariff measures.
They should seek to achieve the maximum possible level of trade
liberalization therefrom. We propose as our goal completion of
the negotiations in 1977.

We look to an orderly and fruitful increase in our economic
relations with socialist countries as an important element in
progress in détente, and in world economic growth. We
will also intensify our efforts to achieve a prompt conclusion
of the negotiations concerning export credits.

With regard to monetary problems, we affirm our intention
to work for greater stability. This involves efforts to restore
greater stability in underlying economic and financial conditions
in the world economy. At the same time, our monetary authorities
will act to counter disorderly market conditions, or erratic
fluctuations,
in exchange rates. We welcome the rapprochement, reached at the
request of many other countries, between the views of the U.S.
and France on the need for stability that the reform of the
international
monetary system must promote. This rapprochement will facilitate
agreement through the IMF [International Monetary Fund] at the
next session of the Interim Committee in Jamaica on the
outstanding
issues of international monetary reform.

A cooperative relationship and improved understanding
between
the developing nations and the industrial world is fundamental
to the prosperity of each. Sustained growth in our economies
is necessary to growth in developing countries; and their growth
contributes significantly to health in our own economies. The
present large deficits in the current accounts of the developing
countries represent a critical problem for them and also for the
rest of the world. This must be dealt with in a number of
complementary
ways. Recent proposals in several international meetings have
already improved the atmosphere of the discussion between
developed
and developing countries. But early practical action is needed
to assist the developing countries. Accordingly, we will play
our part, through the IMF and other appropriate international
fora, in making urgent improvements in international arrangements
for the stabilization of the export earnings of developing
countries
and in measures to assist them in financing their deficits. In
this context, priority should be given to the poorest developing
countries.

World economic growth is clearly linked to the increasing
availability of energy sources. We are determined to secure for
our economies the energy sources needed for their growth. Our
common interests require that we continue to cooperate in order
to reduce our dependence on imported energy through conservation
and the development of alternative sources. Through these
measures
as well as international cooperation between producer and
consumer
countries, responding to the long-term interests of both, we
shall
spare no effort in order to ensure more balanced conditions and
a harmonious and steady development in the world energy market.

We welcome the convening of the Conference on International
Economic Co-operation scheduled for December 16. We will conduct
this dialogue in a positive spirit to assure that the interests
of all concerned are protected and advanced. We believe that
industrialized and developing countries alike have a critical
stake in the future success of the world economy and in the
cooperative
political relationships on which it must be based.

We intend to intensify our cooperation on all these
problems
in the framework of existing institutions as well as in all the
relevant international organizations.